SpinVox offers pounds of own flesh to staff
In lieu of actual spendy pounds
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Voicemail transcription service SpinVox is offering staff share options over the summer instead of boring old wages - though the company is keen to emphasise this is about shared ownership rather than running out of money.
The offer came in a mail sent out to employees and is cited as a reaction to the credit crunch. No one is required to take advantage of the offer. Sources claimed the email said the move was necessary to avoid redundancies and some are taking the mail as an indication that the company has burnt through the $100m it raised in March last year.
SpinVox's business model relies on doing deals with network operators, something they've never managed to do in the UK despite being based in Buckinghamshire.
The premise is voicemail transcribed into text messages, with the transcription being done by machine with the support of humans for difficult bits. It's not clear quite how effective the transcription engine, "D2" as SpinVox terms it, or how many users actually want their voicemail transcribed, though some people swear by the service.
The company told us that it firmly believes in shared ownership, and that this move is just about allowing employees to own a little more of the company for which they work. It refused to comment on accusations that it's running out of cash. ®
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COMMENTS
Just wanted to say...
... how excellent Andrew Orlowski's article on SpinVox today was.
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SpinVox rocks
Wondering what SpinVox has been doing with its money? Rolling out the service around the world, that's what - 28 carrier deals in total offering the service in Australia, Canada, Spain, South Africa, the US and now 13 countries in Latin America. 30 million plus users already and growing fast and the heavy lifting in the conversion is done by machine which learns by asking a human operator when it doesn't recognise a word. Guess what too in Spain and Latin America it's free! Nice of Google to validate voice to text in the market but the quality of its conversion can't touch SpinVox.
SpinVox rocks and rollsout...
Wondering what SpinVox has been doing with its money? Rolling out the service around the world, that's what - 28 carrier deals in total offering the service in Australia, Canada, Spain, South Africa, the US and now 13 countries in Latin America. 30 million plus users already and growing fast and the heavy lifting in the conversion is done by machine which learns by asking a human operator when it doesn't recognise a word. Guess what too in Spain and Latin America it's free! Nice of Google Voice to validate the voice to text in the market but the quality of its conversion can't touch SpinVox.
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